I’m curious — for those investing in multiple markets, do you usually look for local lenders or are you comfortable working with out-of-state funding partners?
What’s been your experience so far?

I have rented every month of the year, and every holiday, and while I prefer no vacancies between Nov-Jan (the 3 hardest months in my area) I still have filled properties at that time.The times when I have relaxed any standard to fill a unit have made me wish I hadn't. 

The thing that sticks out and this is your personal preference but please consider protecting your primary home funds if you are not legally married.

Many partners prefer equity since STR income can swing, but fixed returns can work when the operator has a solid track record and wants more upside.

My tenants of course don’t have to be students, although that would be preferred.

While it has it's own nuances and headaches, I prefer this to owning rental properties.

With my developer/investor clients I NEVER contact big banks to finance these kind of deals - I prefer to deal with local community banks and credit unions (who tend to know the faces of their clients).Have you looked at the price appreciation forecasts for Pittsburgh?

I would really prefer a section 8 tenant that is employed with little to no debt (that is in collections).

These investors I know prefer to diversify into this strategy over the hassle of managing rentals or dealing with acquisition costs for another rental only to get smaller returns compared to doing covered calls.

Personally, I prefer dogs, and I wouldn't have an issue with most breeds.